Mitsui DM Sugar Holdings Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 12% Increase

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Thu Oct 31, 2024 3:00 pm JST Earnings

2109 Mitsui DM Sugar Holdings Co., Ltd. 【J-GAAP】

Earnings Report

Mitsui DM Sugar Holdings Co., Ltd. <2109> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 12.6% from the same period last year, reaching 6.96 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 23.6%, from the previous forecast of 8.9 billion yen to 11 billion yen (compared to 9.77 billion yen in the previous period), turning to a 12.5% increase in the consolidated ordinary profit outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 12.3% from the same period last year, reaching 4.03 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged to 3.3 times that of the same period last year, reaching 3.01 billion yen. The operating profit margin drastically improved from 1.8% in the same period last year to 7.5%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	78,961	1,137	1,416	469	14.5	7.4	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	84,217	1,245	6,187	6,066	188.0	63.3	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	88,071	6,496	6,969	5,474	169.6	63.4	Oct 31, 2024	J-GAAP
YoY	+4.6%	+421.8%	+12.6%	-9.8%	-9.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	65	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	88,071	6,496	6,969	5,474	169.6	65	Oct 31, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	180,000	9,200	8,900	5,700	176.6	130	May 15, 2024	J-GAAP
Mar, 2025 New	180,000	11,000	11,000	7,000	216.9	130	Oct 31, 2024	J-GAAP
Revision Rate	0.0%	+19.6%	+23.6%	+22.8%	+22.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	86,557	3,006	3,591	2,379	73.7	70	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	91,929	4,504	4,031	1,526	47.3	65	Oct 31, 2024	J-GAAP
YoY	+6.2%	+49.8%	+12.3%	-35.9%	-35.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	163,310	1,100	19,058	7,911	245.2	120	May 15, 2023	J-GAAP
Mar, 2024	170,774	4,251	9,778	8,445	261.7	130	May 15, 2024	J-GAAP
Mar, 2025 Guidance	180,000	11,000	11,000	7,000	216.9	130	Oct 31, 2024	J-GAAP
YoY	+5.4%	+158.8%	+12.5%	-17.1%	-17.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	41,859	744	915	517	16.0	1.8	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	45,181	1,185	1,182	436	13.5	2.6	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	41,376	1,821	2,409	1,943	60.2	4.4	May 15, 2024	J-GAAP
Apr - Jun, 2024	44,871	3,277	3,957	2,889	89.5	7.3	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	43,200	3,219	3,012	2,585	80.1	7.5	Oct 31, 2024	J-GAAP
YoY	+3.2%	+332.7%	+229.2%	+400.0%	+400.1%